Orvana Completes US$15 Million Bridge Loan

TORONTO, ONTARIO -- (Marketwire) -- 06/06/11 -- Orvana Minerals Corp. (TSX: ORV) announced today that, as contemplated in the agreement entered into with Fabulosa Mines Limited ('Fabulosa') on May 16, 2011 and previously announced by Orvana, it has entered into an agreement with Fabulosa for a six-month, secured convertible US$15,000,000 bridge loan from Fabulosa, which bears interest at a rate of 8% per annum.

'As Orvana continues to execute its strategy of growth and diversification, including the development of the EI Valle-Boinas/Carles Mine in Spain and the Copperwood Project in Michigan, ready access to financing on acceptable terms will be increasingly important. This bridge loan provides the Corporation with significant short-term flexibility,' said Roland Horst, Orvana's Chief Executive Officer.

The bridge loan is secured against all personal property of Orvana (excluding the shares of Orvana Minerals Asturias Corp. and all proceeds therefrom). Amounts will be advanced to Orvana under the loan in one or more tranches, at Orvana's discretion. The loan has a term of six months and the outstanding amount of the loan may be repaid by Orvana at any time without penalty. Should Orvana complete an equity financing prior to repayment of the loan, the outstanding amount of the loan may, at Orvana's sole discretion, be converted into common shares at the price shares are sold under the equity financing, provided that the number of common shares issued on such conversion does not exceed 50% of the number of shares issued by Orvana under such equity financing. In the event that the loan is not repaid or converted into equity by Orvana prior to maturity, at maturity, the outstanding amount of the loan (including accrued and unpaid interest) may be converted, at Fabulosa's option, into common shares based on a share price that is the volume-weighted average trading price for the five trading days preceding the maturity date less the maximum allowable discount permitted by the Toronto Stock Exchange.

About Orvana

Orvana is transforming itself into a multi-mine gold and copper producer. Orvana's primary asset is the El Valle/Boinas-Carles gold-copper project in northern Spain, now being commissioned. Orvana also owns the Don Mario Mine in Bolivia where a newly completed leaching-precipitation-flotation plant is processing its copper-gold-silver Upper Mineralized Zone deposit. Orvana is also advancing its major Copperwood copper project in Michigan, USA. Additional information is available at Orvana's website (www.orvana.com).

Forward Looking Disclaimer

Certain statements in this press release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ('forward-looking statements'). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as 'believes', 'expects' 'plans', 'estimates' or 'intends' or stating that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'are projected to' be taken or achieved) are not statements of historical fact, but are forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Orvana as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Orvana on which statements in this news release are based may prove to be incorrect, and they include, but are not limited to, the various assumptions set forth herein and in the Company's most recently filed Annual Information Form, as well as permitting and development at the EI Valle-Boinas/Carles Mine being consistent with the Company's current expectations and there being no significant disruptions affecting the Company's activities at the mine.

A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements in this press release. Some of these risks, uncertainties and factors include the Company's ability to obtain and maintain all necessary regulatory approvals and licenses; challenges to the Company's interest in its property and mineral rights; and other risks generally associated with mine development, including the risks identified in Orvana's Annual Information Form.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements.

Contacts:

Orvana Minerals Corp.

Natalie Frame

Investor Relations

(289) 200-7640


Orvana Minerals Corp.

Roland Horst

Chief Executive Officer

(416) 369-1629


Orvana Minerals Corp.

Malcolm King

Vice President and Chief Financial Officer

(416) 369-1629
ask_us@orvana.com
www.orvana.com